Bitcoin, the world's largest cryptocurrency, recently achieved a record high above $123,000 before experiencing a slight pullback. Analytical data suggests that upward movement may still be possible.
The Bull Run Isn't Over
According to data shared by CryptoQuant author Darkfost, the Short-Term Holder Market Value to Realized Value (STH MVRV) ratio remains significantly below its critical threshold. This indicator reflects unrealized profits for short-term Bitcoin holders and often signals when profit-taking may begin.
In the past cycle, when STH MVRV reached around 1.35, it indicated holders had about 35% unrealized profits, typically leading to short-term price corrections. In the current cycle, STH MVRV stands around 1.15, suggesting holders are enjoying approximately 15% gains, far from levels that typically trigger heavy selling.
Importance for Bitcoin's Price
Interestingly, the realized price for short-term holders crossed $100,000 for the first time on July 11, and today it is already above $102,000, establishing a new benchmark in Bitcoin's history. This shift raises the threshold for profit-taking even further, creating more breathing room for the current rally.
Bitcoin's Growth Forecast
Based on past trends, Bitcoin still has the potential to rise by 20% to 25% before entering the profit-taking zone near an MVRV level of 1.35. Currently trading around $118,000, if Bitcoin gains 20%, it could reach approximately $141,600. With a 25% increase, the price could approach $147,500.
Bitcoin continues to show growth despite recent declines. Current data indicate the potential for further price increases, which may lead to new records in the future.
